HomeMy WebLinkAboutOrdinance - 2003-O0016 - Changes In FY 2002-03 Budget; N. Overton Tax Increment Increased By $918,260 - 01/23/2003First Reading
January 23, 2003
Item No. 63
Second Reading
February 13, 2003
Item No. 41
ORDINANCE NO. 2003-00016
AN ORDINANCE MAKING CHANGES IN THE FY 2002-03 BUDGET OF THE
CITY OF LUBBOCK FOR MUNICIPAL PURPOSES.
WHEREAS, Section 102.010 of the Local Government Code of the State of
Texas authorizes City Councils to make changes in budget for municipal purposes; and
WHEREAS, in accordance with the City Budget Ordinance the City Council shall
approve all transfers between funds, accounts, departments or programs for City
purposes: and
WHEREAS, the City Council deems it advisable to change the FY 2002-03
Budget for municipal purposes and reallocate funds as follows; NOW THEREFORE:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK;
SECTION 1. THAT the City Council of the City of Lubbock hereby approves the
following changes to the City of Lubbock FY 2002-03 Budget for municipal purposes:
The budget for the North Overton Tax Increment Finance project will be
increased by $918,260 to cover anticipated expenditures according to the
McCanton Woods, Ltd. (Developer), Lubbock Student Housing, LP (Builder) and
City of Lubbock (City) Developer Participation Agreement. This additional
funding will come from Solid Waste Services as an internal loan. Exhibit A
contains the specific changes to be made to the FY 2002-03 Budget and shall be
and is hereby made a part of this Ordinance as if fully copied herein in detail.
SECTION 2. THAT a copy of the changes made to the City of Lubbock Budget
pursuant to this Ordinance shall be filed with the City Secretary and County Clerk of
Lubbock as required by law.
AND IT IS SO ORDERED
Passed by the City Council on first reading this 23rd day of_-=J:..:::an=na=ry:::-,__, 2003.
Passed by the City Council on second reading this 13th day of February , 2003.
ATTEST:
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Rebecca Garza, City Secretary 'i.i:;:'""
APPROVED AS TO CONTENT:
Melissa Trevino
Budget Manager
APPROVED AS TO FORM:
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Linda Chamales
Supervising Attorney
..
Ordinance No. 2003-00016
FUND: GENERAL CAPITAL PROJECTS FUND PROJECT #: 940-8450
LOCATION: VARIOUS
PROJECT: CENTRAL LUBBOCK SPECIAL PROJECTS PROJECT SENIOR PLANNER
MANAGER:
PROJECT DESCRIPTION
CENTRAL LUBBOCK SPECIAL PROJECTS CONTAINS 4 DIFFERENT ACTIVITIES: NORTH OVERTON TAX INCREMENT
FINANCE DISTRICT IMPLEMENTATION, CENTRAL BUSINESS DISTRICT TAX INCREMENT FINANCE DISTRICT
IMPLEMENTATION, NORTH OVERTON ZONING ORDINANCE AND THE DESIGN & CONSTRUCTION OF PUBLIC
IMPROVEMENTS SUCH AS STREET RECONSTRUCTION, STREET LIGHTING, LANDSCAPING, STREET FURNITURE,
SIDEWALKS, AND WATER/WASTEWATER REPLACEMENT AND RELOCATION. THESE PROJECTS ARE ALL RELATED TO
THE ESTABLISHMENT OF TAX INCREMENENT FINANCING REINVESTMENT ZONES IN THESE AREAS.
ANNUAL OPERATING IMPACT
NONE, AS ALL EXPENSES CAN BE REIMBURSED FROM THE NORTH OVERTON AND CENTRAL BUSINESS DISTRICT
TAX INCREMENT FINANCE REINVESTMENT ZONE PROCEEDS WHEN THOSE DISTRICTS GENERATE REVENUE.
PROJECT SCHEDULING
DESIGN 10000 I BID 20000 I CONSTRUCTION 30000 ACQUISITION 40000 INSTALLATION 50000 ,__ST_A_R_T__, __ E_N_D_-11--S"""T_A_R_T---r! -=EN'""D-,-,--1_1-S.,,.,T_A_R_T---,.--E-N_D __ ,, __ S,...T-A-RT--...---E-ND---n-S..;..T.;;.,;A-RT--..,....;...--E..;..N;;...;D;..;;...;.....i ::=====:==== :===:=;:====::====:::=:===~
__ 09_10_~-1-94-I ,-38-;_21_0_3-I ..... , --____,.$1._o ------ii 1 o,0~798,26~ 2103 $lo Jo
ACCOUNT II ACCOUNT ACCOUNT ACCOUNT II ACCOUNT
FULL-TIME SAL 8002 FULL-TIME SAL 8002
OFFC SUP 8107 PROF SVCS 8302
PROF SVCS 8302 STREET SYS IMP 9240
WATER SYS IMP 9241
SEWER SYS IMP 9242
STORM SEWER IMP
9243
!cOMPLETION 12103
!SOURCE OF FUNDING
K3ENERAL CAPITAL PROJECTS FUND
SOLID WASTE INTERNAL LOAN
froTAL
UTILITY RELOC 9252
STREET PAVING 9259
TOTAL
L-T-D REV 02-:()3
74,383 0
0 918,260
$74,383 $918,260
EXHIBIT A
$992,643.00
BUD 03-04 TOTAL
0 74,383
0 918,260
$0 $992,643
FUTURE
0
0
$0 I